The City Council unanimously approved a development agreement with Single Speed Brewing Company of Cedar Falls to rehabilitate the former Wonder Bread bakery building on September 8, 2015. The City will provide $160,000 to demolish the northwest portion of the building formerly used as a truck bay and rebate 70% of property taxes for 15 years. The $4 million investment will renovate the former bakery into a production operation, restaurant, tap room, and two additional storefronts while guaranteeing to maintain at least a $3 million assessed value. The City acquired the vacant brownfields site in 2014 for $400,000. Visit the Former Wonder Bread project page for artist renderings and photographs of the progress.